Airport boost for Peel Holdings
Tuesday 22 December 1998
Rental income from other property developments offset a drop in profits from the group's operations at Ellesmere Port, which have been badly affected by a slump in traffic for the fuel distribution depot now owned by Shell and for the glass and building industries along the Manchester Ship Canal.
The figures were much in line with forecasts but the shares, which have fallen more than 30 per cent from the mid-summer peak, edged up only 1.5p to 496.5p yesterday.
Analysts were disappointed at a relatively high figure for empty properties in sites where refurbishment and redevelopment projects are under way.
The chairman, John Whittaker, warned that "relatively benign" conditions in the first half could be followed by a marked slowdown in the UK economy, while there are now clear signs that occupiers, particularly in the retail sector, are becoming more cautious about entering into new commitments.
But a new general and business aviation facility at Liverpool Airport is due to open next spring, new flights to Barcelona, Belfast, Geneva and Malaga will start in the first half of next year and analysts expect a rising rental income from the Trafford Centre to flow through strongly in the second half, lifting full-year profits excluding investment sales to pounds 11.1m, with earnings of 9.5p a share, rising to pounds 18.1m and earnings of 15.8p in 1999-2000 as rent-free periods come to an end.
tvSpolier alert: Find out the result of a heated final show
peopleWhat advice would David Cameron give to his younger self?
Beatles rush out 'bootleg' album to defy EU copyright law
Geoffrey Macnab reviews The Desolation of Smaug - the meat in Peter Jackson's Hobbit sandwich
Harvey Weinstein reveals his secret weapon on-set
Now that an oil trader's drinking has got him sacked, will we all have to make do with an afternoon latte?
Chiwetel Ejiofor and Idris Elba get nods for Best Actor, which no black Brit has ever won
Auction house to give away $1m masterpiece in charity raffle - and tickets are only $100 each
Nelson Mandela memorial: ‘Bogus’ sign language interpreter made mockery of Barack Obama’s tribute in Soweto
Mystery of Epping Forest 'big cat' is solved
French café starts charging extra to rude customers
Australia: Gay marriage law reversed by high court less than a week after first weddings
Australia incest case: Severely deformed children found in remote farming community after generations of inbreeding
- 1 Nelson Mandela memorial: ‘Bogus’ sign language interpreter made mockery of Barack Obama’s tribute in Soweto
- 2 Mystery of Epping Forest 'big cat' is solved
- 3 French café starts charging extra to rude customers
- 4 Australia incest case: Severely deformed children found in remote farming community after generations of inbreeding
- 5 Physicists discover 'clearest evidence yet' that the Universe is a hologram
- < Previous
- Next >
iJobs Money & Business
£30000 - £45000 per annum + Bonus + Benefits: Harrington Starr: Regulatory Man...
£50000 - £75000 per annum + benefits + bonus: Harrington Starr: Pre-Sales / Cl...
£40000 - £60000 per annum + Bonus + Benefits: Harrington Starr: Regulatory Man...
£40000 per annum: Harrington Starr: Senior Network Engineer (CCNP, CCIE, Netwo...